GBPUSD Demonstrates Entrenched Depreciation Bias Under Technical Headwinds

Market Analysis – September 29

GBPUSD demonstrates an entrenched depreciation bias under persistent technical headwinds. The GBPUSD structure is showing reduced upward capacity, with recent movements reflecting a consistent contractionary tone across analytical indicators. The 9-day Simple Moving Average at $1.3460 now acts as a resistance ceiling, while the MACD oscillator maintains a negative gradient, confirming sustained weakening momentum. The combination of these technical factors reinforces the prevailing depreciation outlook.

GBPUSD Key Levels

Supply Levels: $1.3630, $1.3800, $1.4000
Demand Levels: $1.3330, $1.3050, $1.2710

GBPUSD Long-Term Trend: Bearish

Structurally, the pronounced rejection from the $1.3800 supply block marked the pivotal turning point for the ongoing reversal. Subsequent declines have pushed price below key interim supports, with the $1.3540 level now functioning as an overhead barrier. The $1.3360 weekly low remains a fragile pivot, and a confirmed breach of this threshold would likely accelerate downward momentum toward deeper support zones.

Forward projections highlight an increased probability of extended retracement. A decisive move below $1.3360 would expose price to $1.3330, with $1.3050 forming the next key anchor zone. Should bearish momentum intensify, longer-term projections point toward $1.2710, signifying a full retracement of prior gains and confirming broader bearish control.

GBPUSD Short-Term Trend: Bearish

GBPUSD is currently staging a short-term retracement on the four-hour chart but remains capped beneath the $1.3630 supply zone. The moving average near $1.3440 continues to serve as interim support, while momentum indicators reflect underlying weakness. Price may retest the $1.3570–$1.3630 resistance band before sellers reassert dominance. Traders monitoring forex signals should watch for potential rejection from this zone, as renewed selling pressure could drive the pair back toward the $1.3360 and $1.3330 support levels.

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